6.4 Early Morning Bitcoin Market Analysis
After the US stock market opened, the three major indices rose together, and the hourly chart of BTC showed overall fluctuating movement.
The RSI indicator on the hourly chart is around 30-50, indicating that there is insufficient upward momentum in the short term. Short-term operations should continue to focus on evening rebound strategies, as there has been a recent breakthrough of previous highs, maintaining a bullish outlook in the medium to long term. The price may continue to fluctuate in the short term.
The trading volume on the 1-hour candlestick chart is frequently fluctuating, with no obvious trend of shrinkage or expansion, reflecting intense competition between bulls and bears, leading to complex market sentiment.
Although there are occasional spikes in volume and trading appears active, it is difficult to sustain, complicating trend judgments. Trading volume is related to price, but a single indicator is insufficient to predict price; it needs to be combined with other technical indicators and fundamental analysis for comprehensive assessment.
In the absence of significant positive news or data support, Yomi firmly looks at a short position at 104000/2550 in the early morning.
